LAS VEGAS | In 2023, we anticipated the extravagance and excess of F1’s return under the lights of the world’s entertainment capital. Fertile with twists and turns of all kinds, the edition shattered records by entering the Las Vegas history book as the most lucrative event. A year later, however, demand is less strong.
$1.5 billion is the amount of the total economic impact of this Grand Prix which has caused a lot of ink to be spilled, pissed off taxpayers and made merchants around the circuit grow gray.
For comparison, Super Bowl 58 which took place at the magnificent Allegiant Stadium three months later, in February 2024, poured $1 billion into Sin City.
Photo GETTY IMAGES / AFP
And four days before the green flag waved near the “Strip”, the Nevada authorities estimate that the economic impact of the 2024 edition of the Formula 1 Grand Prix will also be around a billion dollars. And this, even if demand has fallen.
“It’s an experience that is very difficult to reproduce,” said the president of the Las Vegas Tourism Authority (LVCVA), Steve Hill, at Las Vegas Review Journal. In year two of an event like a race, it’s not the same. Vegas is not the exception. It’s the same everywhere when F1 establishes a new race.”
Tickets and nights still available
The enthusiasm is certainly not that of the inaugural edition. Both F1, the State of Nevada and the tourist authority were aware of this in the marketing of this second race around the gigantic hotel complexes of Sin City.
Several months ago, the CEO of the Vegas Grand Prix, Renee Wilm, warned that the economic fallout would be less imposing and that the sale of tickets, more affordable in order to repair the blunders of 2023, had started very quietly .
In this regard, in a market renowned for “last minute” purchases, tickets starting at $350 are still available for Thursday evening’s free practice sessions. As for Friday’s qualifications, the price is $650. But on the official F1 website, the race will be sold out.
On resale sites such as StubHub, prices for the race are currently climbing to more than $600. Daily, the site plans to accommodate 90,000 to 100,000 spectators.
Photo AFP
The hotels are not full either. Far from it. On the “Strip”, major brands have average nights ranging from $250 to $600 during the three days of the event. Through the “affordable” offers, Caesars, Bellagio, Venetian and co are obviously increasing the number of high-end offers with nights costing more than $1,500.
AFP
Less big expenses
Among the factors explaining this reduction in economic impact, finance experts have pointed to less construction work. It should be remembered that the paving of the 6.2 km circuit costing nearly $50 million and the construction of the paddocks at a cost of $260 million were included in the 2023 economic study.
Photo François-David Rouleau
The city is also now benefiting from the $88 million spent on its public infrastructure.
Organizers said they learned from the inaugural venture. Despite revenue forecasts being down, the fact remains that Vegas will once again put on a show for another week of extravaganza racing with the world championship title on the line.
